Singapore

Wait-and-see attitude by developers pays off with strong sales figures for March 2013

​A total of 2,793 units (excluding EC) were sold in March 2013, up 293% on month from 712 units compared to a fall of 65% the previous month. A total of 17 new projects were launched in the month, with the best performing development being D’Nest at Pasir Ris which had 699 out of 800 units sold over the weekend of 16 and 17 March. Developers’ decision to hold back property launches in February in view of the festive season and the cooling measures imposed in January 2013, enabled them to reassess the market correctly. The wait-and-see approach was well-rewarded with robust sales exceeding even the strongest months in 2012 when sales of between 2393 and 2621 units were achieved.

In general, projects located near MRT stations, despite being priced slightly higher, performed well. These included Bartley Ridge (367 sold of 617 launched), Urban Vista (348 sold of 420 launched), Sennett Residence (238 sold of 332 launched) and Hillion Residence (191 sold of 250 launched).

On the back of incentives provided by the developer, the best performing CCR non-new launch project remained D’Leedon with 79 units sold, a fall of 52% from previous month’s figure of 166 sold. In total, 400 units remain unsold, consisting of 185 previously launched units and 215 unlaunched units. These are expected to be taken up in the coming months given its flagship development status and attractive post-discount price point.

Mr Ong Teck Hui, National Director, Research & Consultancy, Jones Lang LaSalle comments: ”Taking time out in February to assess the market and avoid the festive season has proven to be the right strategy for developers. It was a wise move to hold back launches that month as interest would have been dampened by the festive season and buyers still readjusting to the new measures. By keeping new supply off the market in February, developers have benefitted from a strong demand rebound in March as well as the resultant positive impact on the market. It tells us that notwithstanding the latest measures, underlying demand remains healthy.

The 3489 units launched and 2793 units sold in March are extraordinary figures reflective of the pent-up situation arising from the earlier month and may not be indicative of a similar continuous trend going forward.

– ends –Notes to editorsAbout Jones Lang LaSalle Jones
Lang LaSalle (NYSE:JLL) is a professional services and investment
management firm offering specialized real estate services to clients
seeking increased value by owning, occupying and investing in real
estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates
in 70 countries from more than 1,000 locations worldwide. On behalf of
its clients, the firm provides management and real estate outsourcing
services to a property portfolio of 2.6 billion square feet. Its
investment management business, LaSalle Investment Management, has $47.0
billion of real estate assets under management.Jones Lang LaSalle
has over 50 years of experience in Asia Pacific, with over 25,100
employees operating in 78 offices in 14 countries across the region. The
firm was named ‘Best Property Consultancy’ in nine Asia Pacific
countries at the International Property Awards Asia Pacific 2012, in
association with HSBC, and was named the number one real estate advisory
firm in Asia Pacific in the Euromoney Real Estate Awards 2012.
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